Corporate compliance aims to establish a business environment in which the workforce is trusted to work within the bounds of its responsibilities, making appropriate decisions or escalating issues as required and always presenting itself with honesty and integrity.
How do you achieve corporate compliance?
To act appropriately at all times, the workforce must be educated and empowered. Education can take the form of compliance elearning, which is delivered by providers such as //www.adempi.co.uk/elearning, but empowerment requires delegation of authority, a clear reporting chain, and two-way trust and communication.
What are the advantages of corporate compliance?
Let’s look at six benefits:
- Financial stability
Businesses that have strong corporate compliance are less likely to be subjected to legal proceedings or financial penalties, meaning they can financially forecast more confidently.
- Strong reputation
Companies that are demonstrably committed to transparency and continually act in an ethical manner quickly become respected by competitors and stakeholders alike and can enjoy an excellent reputation.
- Strong work culture
Employees who are trusted and treated with integrity respond likewise. The result is a productive and collaborative work environment with a positive can-do culture.
- Improved productivity
Staff who understand the boundaries of their responsibilities and are trained to respond appropriately to demands can work more efficiently.
- Builds trust
Companies with strong corporate compliance credentials are trusted by the workforce, suppliers, stakeholders, and customers. This translates into improved loyalty and competitive advantages.
- Protection from legal consequences
Businesses with diligent and documented compliance procedures and a fully-trained workforce are, to a degree, insulated against third-party actions and breaches.
